Square is growing at a rate few can believe.
The upstart maker of credit-card readers for smartphones and tablets has seen overwhelming expansion in recent weeks. According to Bloomberg, Square as increased its payment volume by as much as 25 percent… since just last month.
Not yet three-years old, Square says it’s now processing transactions at an annualized rate of $5 billion.
One month ago, that figure was closer to $4 billion. But as more merchants learn of the benefits of accepting secure, efficient payments through Square, the service is taking off at a breakneck pace.
The San Francisco company is making cash from sales before 5 p.m. on any day available in merchants’ accounts on the next business day, compared with as many as five days out for other processors.
Juniper says the market that Square is dominating may top $170 billion in transactions by 2015.
“Sole proprietors and small businesses live and die by their cash flow,” Square Chief Operating Officer Keith Rabois tells Bloomberg. “They don’t have access to capital; banks don’t give them loans. They need to take the money they make today and use it to pay bills, buy things and pay employees the next day, so having access to funds is super-crucial for them.”